University Place Community Development District

Proposed Budget For Fiscal Year 2023/2024
October 1, 2023 - September 30, 2024

CONTENTS

PROPOSED BUDGET

PROPOSED MAINTENANCE BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED MAINTENANCE BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

RESERVES RECAP

ASSESSMENT COMPARISON

PROPOSED BUDGET
UNIVERSITY PLACE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2023/2024
BUDGET	
Operations & Maintenance (O&M) Assessments	818,595	
Debt Assessments - 2022 Refunding	290,016	
Other Revenues	0	
Interest Income	9,500	
Total Revenues	$	1,118,111	
		
ADMINISTRATIVE EXPENDITURES		
Supervisor Fees	20,000	
Payroll Taxes (Employer)	1,530	
Management	36,000	
Legal	20,000	
Engineering	26,000	
Field Operations Management	6,000	
Assessment Roll	4,000	
Audit Fees	6,800	
Arbitrage Rebate Fee	600	
Insurance	9,400	
Legal Advertisements	2,000	
Miscellaneous	5,000	
Postage	600	
Office Supplies	450	
Dues & Subscriptions	925	
Trustee Fee	4,865	
Continuing Disclosure Fee	1,000	
Website Management	1,500	
Cable/Internet/Phone	7,000	
Conference & Seminars	1,960	
Administrative Contingency	1,000	
TOTAL ADMINISTRATIVE EXPENDITURES	$	156,630	
		
TOTAL MAINTENANCE EXPENDITURES	$	614,163	
		
TOTAL EXPENDITURES	$	770,793	
		
REVENUES LESS EXPENDITURES	$	347,318	
		
2022 Bond Refinancing Payments	(269,715)	
		
Balance	$	77,603	
		
County Appraiser & Tax Collector Fee	(33,369)	
Discounts For Early Payments	(44,234)	
		
Excess/ (Shortfall)	$	-	
		
Carryover from Prior Year	0	
		
Net Excess/ (Shortfall)	$	-	

PROPOSED MAINTENANCE BUDGET
UNIVERSITY PLACE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

MAINTENANCE EXPENDITURES	
FISCAL YEAR 2023/2024 BUDGET	

Miscellaneous/Other Public Safety		

Electricity	
20,000	

Security	
91,300	

Utility - Water & Sewer	
486	

Repairs & Maintenance - Gatehouse	
0	

Gate - Contingency/Reserve	
0	

Miscellaneous Maintenance	
1,000	

Insurance - Other Public Safety	
0	

Landscape Maintenance		

Contracts - Landscape Maintenance	
84,050	

Repairs & Maintenance - General Landscape	
15,000	

Repairs & Maintenance - Renewal & Replacement	
14,000	

Repairs & Maintenance - Streetlights	
750	

Repairs & Maintenance - Wetland	
1,000	

Culverts - Contingency/Reserve	
3,664	

Ponds - Contingency/Reserve	
10,988	

Irrigation Services		

Contracts - Irrigation	
80,130	

Utility - Irrigation Water	
28,000	

Repairs & Maintenance - Irrigation	
45,000	

Repairs & Maintenance - Pump Station	
40,000	

Irrigation - Contingency/Reserve	
23,808	

Payroll - Irrigation Staff	
10,550	

Payroll - Bonus Irrigation Staff	
500	

FICA Taxes - Irrigation Staff	
845	

Workers Comp - Irrigation	
850	

Insurance - Irrigation	
1,808	

Roads & Street Facilities		

Repairs & Maintenance - Roads & Alleyways	
5,000	

Repairs & Maintenance - Street Sweeping	
720	

Roadways - Contingency/Reserve	
101,571	

Streetlights - Contingency/Reserve	
1,832	

Common Area		

Repairs & Maintenance - General Common Area	
13,000	

Fence/Monuments - Contingency/Reserve	
18,311	

Holiday Décor	
0	

TOTAL MAINTENANCE EXPENDITURES	
$	614,163	

DETAILED PROPOSED BUDGET
UNIVERSITY PLACE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2021/2022 ACTUAL	
FISCAL YEAR 2022/2023 BUDGET	FISCAL YEAR 2022/2023 EXPENDITURE AS OF 4/30/23	
FISCAL YEAR 2023/2024 BUDGET	

COMMENTS	
Operations & Maintenance (O&M) Assessments	724,413	764,125	749,018	818,595	Expenditures Less Interest & Carryover/.94	
Debt Assessments - 2022 Refunding	310,722	290,016	276,546	290,016	Payment To Trustee/.94	
Other Revenues	0	0	1,802	0		
Interest Income	6,005	9,500	1,901	9,500	No Change From 2022/2023 Budget	
Total Revenues	$	1,041,140	$	1,063,641	$	1,029,267	$	1,118,111		
						
ADMINISTRATIVE EXPENDITURES						
Supervisor Fees	13,600	20,000	10,600	20,000	No Change From 2022/2023 Budget	
Payroll Taxes (Employer)	1,040	1,530	811	1,530	Projected At 7.65% Of Supervisor Fees	
Management	47,822	49,226	27,937	36,000	$3,000 Per Month	
Legal	13,785	5,000	16,807	20,000	$15,000 Increase From 2022/2023 Budget	
Engineering	31,048	11,000	19,363	26,000	$15,000 Increase From 2022/2023 Budget	
Field Operations Management	813	3,250	2,250	6,000	$500 Per Month	
Assessment Roll	0	0	0	4,000	As Per Contract	
Audit Fees	6,500	6,500	1,000	6,800	$300 Increase From 2022/2023 Budget	
Arbitrage Rebate Fee	600	600	0	600	No Change From 2022/2023 Budget	
Insurance	8,083	8,891	8,773	9,400	Insurance Estimate	
Legal Advertisements	838	1,000	3,061	2,000	$1,000 Increase From 2022/2023 Budget	
Miscellaneous	3,756	5,000	4,276	5,000	No Change From 2022/2023 Budget	
Postage	320	300	1,043	600	$300 Increase From 2022/2023 Budget	
Office Supplies	29	550	96	450	$100 Decrease From 2022/2023 Budget	
Dues & Subscriptions	1,704	925	491	925	No Change From 2022/2023 Budget	
Trustee Fee	4,428	4,865	4,041	4,865	No Change From 2022/2023 Budget	
Continuing Disclosure Fee	0	1,000	0	1,000	No Change From 2022/2023 Budget	
Website Management	0	0	563	1,500	$125 Per Month	
Cable/Internet/Phone	0	0	4,276	7,000	Cable/Internet/Phone	
Conference & Seminars	1,843	1,960	1,428	1,960	No Change From 2022/2023 Budget	
Administrative Contingency	0	0	10,000	1,000	Administrative Contingency	
TOTAL ADMINISTRATIVE EXPENDITURES	$	136,209	$	121,597	$	116,816	$	156,630		
						
TOTAL MAINTENANCE EXPENDITURES	$	418,180	$	598,539	$	281,439	$	614,163		
						
TOTAL EXPENDITURES	$	554,389	$	720,136	$	398,255	$	770,793		
						
REVENUES LESS EXPENDITURES	$	486,751	$	343,505	$	631,012	$	347,318		
						
2022 Bond Refinancing Payments	(290,525)	(269,715)	(258,263)	(269,715)	2024 Principal & Interest Payments	
						
Balance	$	196,226	$	73,790	$	372,749	$	77,603		
						
County Appraiser & Tax Collector Fee	(36,450)	(31,730)	(29,708)	(33,369)	Three Percent Of Total Assessment Roll	
Discounts For Early Payments	(30,136)	(42,060)	(38,205)	(44,234)	Four Percent Of Total Assessment Roll	
						
Excess/ (Shortfall)	$	129,640	$	-	$	304,836	$	-		
						
Carryover from Prior Year	0	0		0	Carryover From Prior Year	
						
Net Excess/ (Shortfall)	$	129,640	$	-	$	304,836	$	-		

DETAILED PROPOSED MAINTENANCE BUDGET
UNIVERSITY PLACE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

MAINTENANCE EXPENDITURES	

FISCAL YEAR 2021/2022 ACTUAL	

FISCAL YEAR 2022/2023 BUDGET	FISCAL YEAR 2022/2023 EXPENDITURE AS OF 4/30/23	

FISCAL YEAR 2023/2024 BUDGET	

COMMENTS	

Miscellaneous/Other Public Safety						

Electricity	
4,425	
5,000	
4,157	
20,000	
$15,000 Increase From 2022/2023 Budget	

Security	
75,204	
77,704	
50,136	
91,300	
$7,400 Per Month & Roving Patrols	

Utility - Water & Sewer	
486	
498	
232	
486	
No Change From 2022/2023 Budget	

Repairs & Maintenance - Gatehouse	
8,178	
7,500	
10,423	
0	
Line Item Eliminated	

Gate - Contingency/Reserve	
16,231	
7,326	
2,863	
0	
No Change From 22/23 Budget - Unused Funds To Be Added To Reserve	

Miscellaneous Maintenance	
0	
0	
9,807	
1,000	
Miscellaneous Maintenance	

Insurance - Other Public Safety	
500	
500	
0	
0	
No Change From 2022/2023 Budget	

Landscape Maintenance						

Contracts - Landscape Maintenance	
82,080	
81,600	
47,600	
84,050	
Increased By 3% - $6,800 Per Month As Of May 2023	

Repairs & Maintenance - General Landscape	
15,510	
15,000	
13,432	
15,000	
No Change From 2022/2023 Budget	

Repairs & Maintenance - Renewal & Replacement	
12,548	
14,000	
193	
14,000	
No Change From 2022/2023 Budget	

Repairs & Maintenance - Streetlights	
143	
500	
668	
750	
$250 Increase From 2022/2023 Budget	

Repairs & Maintenance - Wetland	
0	
1,000	
0	
1,000	
No Change From 2022/2023 Budget	

Culverts - Contingency/Reserve	
0	
3,664	
0	
3,664	
No Change From 22/23 Budget - Unused Funds To Be Added To Reserve	

Ponds - Contingency/Reserve	
0	
10,988	
0	
10,988	
No Change From 22/23 Budget - Unused Funds To Be Added To Reserve	

Irrigation Services						

Contracts - Irrigation	
75,042	
77,796	
45,381	
80,130	
Increased By 3% - $6,483 Per Month As Of May 2023	

Utility - Irrigation Water	
35,424	
28,000	
15,539	
28,000	
No Change From 2022/2023 Budget	

Repairs & Maintenance - Irrigation	
51,693	
40,000	
44,823	
45,000	
$5,000 Increase From 2022/2023 Budget	

Repairs & Maintenance - Pump Station	
29,763	
40,000	
12,301	
40,000	
No Change From 2022/2023 Budget	

Irrigation - Contingency/Reserve	
0	
23,808	
0	
23,808	

Reserve Funds ($263,788 As Of May 23) Can Be Used To Purchase 2 New Pumps	

Payroll - Irrigation Staff	
8,318	
10,240	
6,776	
10,550	
Increased By 3%	

Payroll - Bonus Irrigation Staff	
0	
500	
0	
500	
No Change From 2022/2023 Budget	

FICA Taxes - Irrigation Staff	
636	
822	
518	
845	
Projected At 7.65% Of Irrigation Payroll	

Workers Comp - Irrigation	
0	
850	
0	
850	
No Change From 2022/2023 Budget	

Insurance - Irrigation	
1,808	
1,809	
0	
1,808	
No Change From 2022/2023 Budget	

Roads & Street Facilities						

Repairs & Maintenance - Roads & Alleyways	
14	
7,500	
0	
5,000	
$2,500 Decrease From 2022/2023 Budget	

Repairs & Maintenance - Street Sweeping	
0	
720	
0	
720	
No Change From 2022/2023 Budget	

Roadways - Contingency/Reserve	
0	
101,571	
12,443	
101,571	
No Change From 22/23 Budget - Unused Funds To Be Added To Reserve	

Streetlights - Contingency/Reserve	
0	
1,832	
0	
1,832	
No Change From 22/23 Budget - Unused Funds To Be Added To Reserve	

Common Area						

Repairs & Maintenance - General Common Area	
177	
18,000	
4,147	
13,000	
$5,000 Decrease From 2022/2023 Budget	

Fence/Monuments - Contingency/Reserve	
0	
18,311	
0	
18,311	
No Change From 22/23 Budget - Unused Funds To Be Added To Reserve	

Holiday Décor	
0	
1,500	
0	
0		

TOTAL MAINTENANCE EXPENDITURES	
$	418,180	
$	598,539	
$	281,439	
$	614,163		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET UNIVERSITY PLACE COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023/2024
OCTOBER 1, 2023 - SEPTEMBER 30, 2024

REVENUES	
FISCAL YEAR 2021/2022
ACTUAL	
FISCAL YEAR 2022/2023
BUDGET	
FISCAL YEAR 2023/2024
BUDGET	

COMMENTS	

Interest Income	
2	
0	
100	
Projected Interest For 2023/2024	

NAV Tax Collection	
290,525	
269,715	
269,715	
Maximum Debt Service Collection	

Total Revenues	
$	290,527	
$	269,715	
$	269,815		

EXPENDITURES					

Principal Payments	
192,100	
207,700	
214,900	
Principal Payment Due In 2024	

Interest Payments	
0	
57,432	
52,107	
Interest Payments Due In 2024	

Bond Redemption	
0	
4,583	
2,808	
Estimated Excess Debt Collections	

Total Expenditures	
$	192,100	
$	269,715	
$	269,815		

Excess/ (Shortfall)	
$	98,427	
$	-	
$	-		

Series 2022 Bond Refunding Information

Original Par Amount =	$2,575,000	Annual Principal Payments Due =	May 1st	
Interest Rate =	2.52%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	January 2022			
Maturity Date =

Par Amount As Of 5/24/23 =	May 2033

$2,175,200			

UNIVERSITY PLACE COMMUNITY DEVELOPMENT DISTRICT RESERVES RECAP

Assigned Reserve Fund Balances As Of 4/30/23
Operating	$	132,636.00	
Culverts	$	47,770.00	
Fence/Monuments	$	210,403.20	
Gate	$	825.38	
Irrigation System	$	263,788.53	
Ponds	$	127,512.00	
Roadways	$	819,523.45	
Streetlights  $	15,863.99
$	1,618,322.55

Reserve Fund Balances will be adjusted on 9/30/23, depending on whether Fiscal Year 2022/2023 Reserve Budgets were utilized

University Place Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	
	2022/2023	2023/2024	
Lot	Assessment	Projected Assessment	
Size	Before Discount*	Before Discount*	

52	O&M Assessment	$	1,490.98	$	1,597.26	
	Debt Assessment	$	588.52	$	588.52	
	Sub-Total For Lot Size 52 (Carriage & Indigo)	$	2,079.50	$	2,185.78	
	O&M Assessment	$	1,490.98	$	1,597.26	
	Debt Assessment	$	152.74	$	152.74	
	Sub-Total For Lot Size 52 (Carriage & Indigo)	$	1,643.72	$	1,750.00	
65	O&M Assessment	$	1,863.72	$	1,996.57	
	Debt Assessment	$	753.67	$	753.67	
	Sub-Total For Lot Size 65 (Ashley)	$	2,617.39	$	2,750.24	
	O&M Assessment	$	1,863.72	$	1,996.57	
	Debt Assessment	$	190.93	$	190.93	
	Sub-Total For Lot Size 65 #2 (Ashley)	$	2,054.65	$	2,187.50	
75	O&M Assessment	$	2,150.45	$	2,303.74	
	Debt Assessment	$	848.85	$	848.85	
	Sub-Total For Lot Size 75 (Hampton)	$	2,999.30	$	3,152.59	
	O&M Assessment	$	2,150.45	$	2,303.74	
	Debt Assessment	$	220.30	$	220.30	
	Sub-Total For Lot Size 75 #2 (Hampton)	$	2,370.75	$	2,524.04	
80	O&M Assessment	$	2,293.81	$	2,457.32	
	Debt Assessment	$	905.44	$	905.44	
	Sub-Total For Lot Size 80 #2 (Charlestown & Magnolia)	$	3,199.25	$	3,362.76	
	O&M Assessment	$	2,293.81	$	2,457.32	
	Debt Assessment	$	251.76	$	251.76	
	Sub-Total For Lot Size 80 #2 (Charlestown & Magnolia)	$	2,545.57	$	2,709.08	
			
6 Sixty Five Foot Lots	
	4% Discount for Early Payments	403 O&M Units	Have Prepaid	
	3% County Tax Collector & Property Tax Fees	394 Debt Units	Their Debt Assessment	
	Community Information (O&M Units):			3 Eighty Foot Lots	
	Fifty Two Foot Lots	125		Have Prepaid	
	Sixty Five Foot Lots	116		Their Debt Assessment	
	Seventy Five Foot Lots	70			
	Eighty Foot Lots	92			
	Total Units	403			
	Community Information (Debt Units):		Lots With Lower Debt Assessments 		
	Fifty Two Foot Lots	125	Fifty Two Foot Lots	2	
	Sixty Five Foot Lots	110	Sixty Five Foot Lots	3	
	Seventy Five Foot Lots	70	Seventy Five Foot Lots	1	
	Eighty Foot Lots	89	Eighty Foot Lots	2	
	Total Units	394	Total Units	8	

5/16/2023 2:01 PM	VI